Combined
Heat and Power (CHP) Market - Overview
The combined heat and power market is
expected to grow over the CAGR of around 6.94 % during the period 2017 to 2023.
Combined heat and power plants are typically embedded close to the end user and
helps to reduce transportation and distribution losses, improving the overall
performance of the electricity transmission and distribution network. It also
acts as energy multiplier, helping to cut carbon emissions, increase power
reliability and save money. This technology is widely available, with further
opportunities for development and enhancement. Furthermore, only suitable where
there is a need for both electricity and hot water on site which acts as a
barrier for the growth of the market. Presence of a large number of companies
offering diverse products and services related to CHP installations is fueling
competition in the global CHP installation market.
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Combined heat and power plants are
typically embedded close to the end user and helps to reduce transportation and
distribution losses, improving the overall performance of the electricity
transmission and distribution network. It also acts as energy multiplier,
helping to cut carbon emissions, increase power reliability and save money.
This technology is widely available, with further opportunities for development
and enhancement.
Prominent
Players
The key players of global combined heat
and power (CHP) market are MAN Diesel & Turbo SE (Germany), Caterpillar Inc.
(U.S.), Mitsubishi heavy Industries ltd.(Japan), General Electric (U.S.),
Cummins(U.S.), Bosch Thermotechnology Ltd.( U.K),ABB Limited(Switzerland ), ENER-G
Rudox (U.S.), Veolia (France )and others.
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Region
Outlook
Europe accounts for one of the largest
installed bases of cogeneration power plants in the world and continue to
dominate the market of combined heat and power (CHP). The easy availability of
natural gas in Europe makes installation relatively easier and more
cost-effective. The region is a global leader in micro-CHP engine with innovation
and manufacturing centers in Germany, the Netherlands and the U.K. This has
been spurring the demand for CHP installations in countries such as Belgium,
Germany, Italy, and the Netherlands.
Moreover, high demand for small-scale CHPs
in Japan, coupled with their increasing installation across diverse industries,
has been boosting demand for the CHP installation in the region. The Japanese government provides subsidies
for the development of this green technology. The demand for small scale CHP
systems for residential as well as commercial purposes has led to the region’s
dominance in the market. Increasing installation of CHP systems in developing
nations such as India, South Korea and China will keep the demand for
large-scale CHP systems high during the forecast period.
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